I am a fan of Clayton Christensen’s work and it’s no secret that I take inspiration from his and his coauthors’ books in my effort of making insurance easy, affordable, available and accessible for non-consumers. While rereading his work “Competing Against Luck” and the brilliantly explained Jobs Theory, I could…
Less than 3% Vehicles are Insured in Pakistan
A recent report from the SECP revealed that under 3 percent of the total vehicles registered in Pakistan are insured. Low hashtag#insurancepenetration is often cited as an outcome of some insurers using tricks to delay or deny claims but this is part truth. Other processes even paying premium are at…
Claim is the ‘moment of truth’
“Customers with insurance do not claim all the time, but when they do, their insurance must respond; otherwise, they will stop buying.” Claim is the ‘moment of truth’ in insurance, and this cannot be articulated better than how Ammara Batool has described above during our recent conversation. Ammara is a…
Using Behavioral Science in Marketing
I have had the privilege of reading hashtag#UsingBehavioralScienceinMarketing by Nancy Harhut and it’s truly an extraordinary work. I have discovered a whole new perspective on hashtag#marketing esp. hashtag#B2B side of it as that is my focus area. What makes this book exceptional is its approachable format with bite-sized chapters filled…
Future of digital insurance
A few months ago, a friend and senior insurance industry professional remarked that hashtag#digitalinsurance in markets like hashtag#Pakistan is a futile exercise and nothing more than a buzzword. He insisted that insurance here would continue to be conducted in the same manner it has been for decades. I couldn’t disagree…
Processes drive fair selling
So the story goes like this: A poor person who had diligently saved money over a long period visited their bank to deposit the sum and came out having bought an annual premium hashtag#insurance policy. After realizing the situation, the client approached different quarters and with an effort spanning over…
A case for inclusive insurance
With changing dynamics around the world marked with the rise of FinTechs, payment and lending platforms and Covid-driven fast-tracked growth in awareness and usage of financial products and digital processes, the stage is set for insurance to be offered to the previously excluded segments of society. Taking Pakistan for example,…
The conundrum of reaching first-time buyers
Insurtech and digital insurance have become buzzwords these days and that is all for good reasons. But in the context of emerging and frontier markets, digital insurance has more to do with market-creating innovation than disruption which is normally the case with Western or developed markets with deeper insurance penetration.…
Busting insurance myths
A lot has been said about low insurance penetration in Pakistan and many professionals fear that it may further deteriorate in the face of rising inflation and ongoing economic challenges. Average Pakistanis, whose earnings are roughly $4 to $30 per day, are mostly excluded from insurance, even though they are…
The ‘if’ nature of insurance
Several years ago, a colleague said that ‘no one wakes up in the morning to buy insurance’ in an attempt to explain the reasons for an ever-anaemic demand for insurance products. Over the years, this phrase has become popular among neo-insurers and those trying to change how insurance is traditionally…